Ellis just opted out of a deal that would have paid him $11 million in Milwaukee, and on paper the Knicks don't have the kind of money needed to attain the 27-year-old guard. New York can only offer the $3.2 million mid-level exception.

But Ellis and his agent could view this as an opportunity to be a part of a contender.

But Ellis, 27, and his Washington, D.C.-based agent, Jeff Fried, are known to be willing to compromise in order to sign with a contending team. And the Knicks, who face the free-agent loss of sixth man of the year J.R. Smith, would provide ample opportunity for Ellis to showcase his scoring prowess deep into the playoffs.

Along with the Knicks, the Bulls, Spurs, Nuggets and Suns have also expressed interest in Ellis, who averaged 19.2 points per game last season with the Bucks.